Dallas, Texas – In a significant shift highlighted by Mercer‘s 2023 report, Dallas now finds itself ranked as the 53rd most expensive city worldwide for international employees, an economic trend that reveals much about the Texan city’s ambition to join the ranks of globally recognized metropolises. Meanwhile, another recent study has placed the city of Plano second best city in U.S. for renters.
Dallas is becoming very expensive city. Houston is now seated at the 61st spot
The recent report, which undertakes an extensive analysis of the cost of living across over 400 urban areas, serves as the backdrop to a fascinating narrative of urban ascension, as it reveals an unprecedented leap of over 20 positions in the rankings for both Dallas and its fellow Texan city, Houston, the latter now seated at the 61st spot.
This trend carries considerable significance as Dallas forges ahead with a dedicated plan to establish itself as a major player on the global stage, a quest helmed by local leaders focused on drawing an increased influx of global companies and residents to the city.
The City of Dallas is a popular destination for many giant companies moving in North Texas
This dynamic ambition is not ungrounded. The region is a bustling hub for several North American headquarters of international giants such as Toyota, 7-Eleven, and Nokia.
Reflecting on the city’s past initiatives to cultivate a robust international business ecosystem, one cannot overlook Mayor Eric Johnson’s strategic move in 2020. He formed an advisory council composed of former U.S. ambassadors, an influential think-tank with the mission of increasing Dallas’ allure to international businesses and reinforcing diplomatic relations with foreign governments.
Adding another feather to its cap, Dallas is home to the newly inaugurated Trade Office of France in its nascent International District. This organization is passionately committed to fostering French businesses in the region, further bolstering Dallas’ international appeal.
Looking under the hood of the Mercer survey, it reveals that the ranking is calculated based on several aspects encompassing housing, transportation, food, and recreational costs. This comprehensive approach aids global companies in informed decision-making, especially concerning the relocation of businesses and employees.
Dallas is expensive city, but ranks high for quality of living and infrastructure
While Dallas’ cost of living might appear steep at first glance, a deeper analysis reveals an attractive return on investment. The city excelled in rankings for quality of living and infrastructure, at 72nd and 25th respectively. However, it must strive to improve its standing on safety and eco-friendliness indices, where it trails at 95th and 91st positions.
Yet, the relatively high cost of living in Dallas might be a small price to pay for residents hailing from more expensive metropolises like New York City, Chicago, and Los Angeles. For instance, an Angeleno might find their housing costs drastically cut by a whopping 60% upon moving to Dallas, according to data from the Dallas Regional Chamber.
In this context, Dallas seems poised to offer a compelling alternative, combining a lower cost of living with a global outlook.